The Rational Walk

“The highest form which civilization can reach is a seamless web of deserved trust.

“We concentrate on quality, not frequency.

“And Greg will keep the culture.” — Charlie Munger, 2021 Berkshire Hathaway Annual Meeting When Roger Lowenstein published Buffett: The Making of an American Capitalist in 1995, Warren Buffett was sixty-five years old, an age when most CEOs are getting re…

“I will continue talking to you and my children about Berkshire via my annual Thanksgiving message.

Daily Journal Corporation announced that an activist investor has accused the company of incorrectly accounting for software development costs at its Journal Technologies subsidiary.

Thoughts on the books I read in the second quarter of 2025 This article is a new installment in a series of “mini reviews” of my reading.

“… At year-end Greg would be the Chief Executive Officer of Berkshire.

“I mean, Berkshire, you know, in a crazy way, I look at Berkshire as a painting.

Warren Buffett took control of Berkshire Hathaway sixty years ago on May 10, 1965.

“The person who says he knows what he thinks but cannot express it usually does not know what he thinks.” — Mortimer Adler, How to Read a Book Communication is an essential skill which is why so much time and energy is spent to teach children how to expre…

Financial markets have been in convulsions due to President Trump’s rollout of sweeping changes to America’s trade policy on April 2.

Thoughts on the books I read in Q1 2025 This article is a new installment in a series of “mini reviews” of my reading.

“We do not remove superstars from our lineup merely because they have attained a specified age—whether the traditional 65, or the 95 reached by Mrs.

“I have always preferred the system of retirement where you can’t quite tell, observing from the outside, whether the man is working or retired.

“I believe the chance of any event causing Berkshire to experience financial problems is essentially zero.

There was a time when I enthusiastically spent my weekends reading annual reports, but those days are now a distant memory.

Berkshire Hathaway’s 2024 Annual Report will be released on February 22 along with Warren Buffett’s letter to shareholders, an event that is always eagerly anticipated by shareholders and the investing community.

“Charlie and I happily acknowledge that much of Berkshire’s success has simply been a product of what I think should be called The American Tailwind.

If you listen to investing podcasts frequently, many talking points seem to be repeated ad nauseam.

One of the difficulties of active investing is that it is hard to measure competence except over very long periods of time.